The Aptos Foundation has suggested the initial implementation of Aave Protocol v3 on a non-EVM blockchain.
A governance plan that the Aptos Foundation has presented may allow it to do more with blockchain technology.
The foundation requests feedback from the Aave community about introducing Aave Protocol v3 onto the Aptos mainnet, per a temperature check proposal dated July 1. Should the request be accepted, this would be the first time that Aave’s open-source liquidity protocol has been deployed outside blockchains that are compatible with the Ethereum Virtual Machine (EVM).
Aptos is a layer-1 blockchain that is not EVM-compatible; it is made with scalability and user-friendliness in mind for developing decentralized applications (DApps). Instead, Aptos uses its virtual machine and architecture, founded on the Move programming language that Facebook first created for its Libra (later Diem) blockchain. The protocol states it can process up to 30,000 transactions in a second.
On the other hand, Aave is a non-custodial liquidity protocol in which users can participate as borrowers or depositors. While borrowers can take out an overcollateralized or undercollateralized loan, depositors supply liquidity to the market to generate passive income. DefiLlama claims that Aave is one of the most well-liked decentralized finance protocols, with a total value of over $12 billion.
Aave Labs has integrated the code version of the Aave Protocol into the Move programming language. The proposal states, “Aave Labs has built substantial expertise in the Move programming language and is prepared to proceed with the deployment pending community approval and further development steps.”
After noting that it had “conducted extensive research into the Aptos ecosystem,” Aave Labs commented on the proposal, saying the protocol might provide “new and exciting use cases that were not previously possible with the EVM.” “We are excited about the potential this proposal holds for both Aave and Aptos communities,” the statement concluded.
From ATHs to outages
With 115.4 million user transactions daily, Aptos recently surpassed Solana’s transactions on May 25 to set a new record. The Tapos Cat game’s widespread appeal significantly affected the spike.
The Aptos blockchain, developed by ex-Facebook workers, also needs help. After a five-hour network outage in October 2023 affected on-chain transactions, customers were notified by cryptocurrency exchanges like Upbit and OKX, who temporarily suspended deposits and withdrawals from the network.